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- Korean government to promote “ICT GROWTH” to foster global unicorns in the field
- MSIT signs MOUs with four institutions including Korea Credit Guarantee Fund
With high expectations that the Korean government will expand support to startups and venture businesses in line with the “second venture boom,” promising startups in ICT, such as the data, network, and AI sector will have greater opportunities to grow into unicorns in the foreseeable future.
The Ministry of Science and ICT (MSIT) led by Minister Choi Kiyoung announced on February 13 that it will push ahead with the “ICT GROWTH” program to foster ICT unicorns by supporting promising ICT companies and that it signed MoUs with four institutions (Korea Credit Guarantee Fund, Korea Telecommunications Operators Association, Seoul Guarantee Insurance, K-ICT Born 2 Global Center).
The MSIT’s new “ICT GROWTH” program aims to combine resources of the public and private sectors to build an ecosystem and support system to cultivate high-growth ICT businesses. The program will select about 15 companies from 2020 and will select about 50 companies in total by 2025 to provide support. The selected companies will receive packaged support for up to three years. Funding guarantee, support for global expansion, support for performance guarantee insurance, and investment promotion will be included in the support package.
Vice Minister Jang Seokyoung emphasized that, “Leaders of startup support such as the US and EU are shifting their support policies from early facilitation of building startups to scaling up and fostering unicorns, considering the job creation effect and economic impact. We will provide strategic support by engaging the private sector so that promising ICT Korean companies can grow globally.”
The applications will be received online from February 17 via the link (www.nipa.kr) of the National IT Industry Promotion Agency.